I have been investing in residential single-family rental homes and multi-family rental properties for 25+ years and have made lots of mistakes over the years. Through those mistakes, I have learned how to have the best chance of finding good renters without spending lots of time or money.
We manage our own rentals and do not have have a property management company. This article is geared towards those that manage their own rental properties and want to find great renters without the headache of spending lots of wasted time or money talking to people that you would not rent to.
HOW TO SPEND LESS TIME FINDING GOOD RENTERS
First, let’s talk about the time spent putting up a home for rent, showing the home to prospective renters, screening the renters, finally choosing the renter and signing the lease.
Finding good renters for your rental properties can be extremely time-consuming if done wrong. I have learned this lesson the hard way. I used to put a home up for rent by putting up a FOR RENT sign with my phone number in the front yard. Along with posting the rental in the MLS which then syndicates to all the major listing services like Zillow and Trulia.
Then my phone would ring off the hook of people interested and wanting to see the property NOW!
I would then drop everything I was doing and run over to my rental property to show the home to the person that just called in a rush to see the property. I get to the property and the prospective renters are late or don’t show. If they show I soon discover they are smokers, have poor credit and someone that would not pass our screening process. Meanwhile, I have waisted more than an hour of my time.
LANDLORDING 101 FINALLY GOT SMART
After years of this insanity, I finally got smart and figured out a better way to find good renters with very little time.
On one of my rental properties by chance, I listed the home in the MLS early in the week then posted an open house on Saturday from Noon to 1 PM. When the phone started to ring like crazy and people wanted to see the home NOW I would kindly say
I can show you the home now but it will be open from Noon to 1 PM on Saturday.
They would beg they wanted to rent the home and wanted to see it NOW. I would be firm and stand my ground that the only time they could see the home was during the open house.
DO NOT SHOW RENTAL HOME TO ONE PERSPECTIVE RENTER AT A TIME!
I would email them a rental application if they were serious and wanted to be prepared when 
coming to the open house so they could just give me the rental application already filled out or email it to me in advance.
Then comes open house time, the first time I did this, I was blown away. Over 30 people showed up all fighting to be the renter we chose. Of the people that showed up to the open house, there were 2 to 3 really good renters to choose from and I only spend 1 hour of my time.
Shortly thereafter, I had another rental property we picked that was vacant. I did the same process and again had the same results. Tons of people showed up on Saturday and had a couple really good prospective renters to choose from and only spend an hour of my time.
This process of finding good renters with very little time and money has totally changed my view on managing my own rentals. The open house process has allowed me to find good renters making the life of a landlord so much easier based on getting quality renters in my properties.
IN SUMMARY: HOW TO FIND GOOD RENTERS WITH VERY LITTLE TIME
- List rental home in MLS with quality photos which will syndicate to all the listing services like Zillow and Trulia.
- Put FOR RENT sign in the front yard
- Post OPEN HOUSE in the MLS on a Saturday in the afternoon for 1 hour which will syndicate to all the listing services.
- When prospective renters call and want to see rental home immediately tell them the only way they can see it is coming to the open house. DO NOT JUMP IN THE CAR AND SHOW TO ONE RENTER AT A TIME WHEN THE PHONE RINGS!
- Email them a rental application in advance if they are serious and want to be prepared when coming to the OPEN HOUSE.
- Take rental applications to the open house for renters to fill out.
- Of the people that show up to the open house, you should have a couple quality renters to choose from.
LANDLORD RESOURCES
One tool that has really helped us manage our rentals is ezLandlordForms. They have everything you need to manage your rentals. I use their rental application when screening for renters along with their rental lease agreement and move-in-move-out form plus a whole lot more.
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